Member Newsletter
We are now cranking up another edition of the “will he or won’t he?” Trump song and dance, this time about firing Fed Chair Jerome Powell. Trump manages to add an additional pungency to these dramas by trying to fire the guy who is actually his own Fed Chair. Biden renominated Powell. But Trump actually gave him the job. Axios just pushed a newsletter update that ran through this drama, first reporting the events of the day and then adding this: “What we’re watching: Federal law and Supreme Court precedent say presidents cannot fire the Fed chair over a policy disagreement.” It then goes on from there. But that’s actually the end of the story. The other possibilities are illegal.
It is critical to remember these things. I’ve often used the metaphor of a pilot’s flight instruments. Under flight rules, you’re taught only to follow the instruments. Your body and senses may be telling you you’re right-side up but actually you’re upside down. They may be telling you you’re going up but you’re actually going down. Your instruments are reality; your body and sensations are lying to you.